Benefits of Joining
ASIC approved SMSF Auditors are experts in their field and are vital contributors to the superannuation sector. Membership of this specialised professional body ensures a collaborative voice for the SMSF audit industry. Gain knowledge from experts in the SMSF arena through our interactive forums. Raise industry concerns for objective input from others. Generate proactive discussions on SMSF industry matters that may result in liaison with the regulator. Feel confident knowing that professional support is available.
Our online system offers many opportunities to support your SMSF auditing. Members can pose questions online and receive support, experience, and advice from other members. Questions previously posed by other members will be available for perusal on archived forums.
Our focus members are available to offer their experience on complex issues and specialist input will be available from time to time on specific topics. You’ll find many ways to support your SMSF audit business.
There’s no denying the complexity of superannuation legislation in Australia. Frequent legislative changes mean you’ve got to stay abreast of how new laws affect each fund. Guidance and support from experts in superannuation can ensure you’re confident in your SMSF audits. Our focus members have many years’ experience in the SMSF industry and accounting profession.
Many of our Professional Support staff are business owners who understand the need for time efficiency when completing SMSF audits. Having professional support available when you need it can ease workflow backlogs and help you finalise some of those more complex audit issues.
Cloud Storage of issues raised by others
Although no two audits are ever the same, many audits do have similar issues. Our member forums are accessible via the cloud and enable members to search for issues you’ve encountered. You’ll be able to read previously answered queries from other members and read the advice and support they received.
This can provide significant information when you’re looking for guidance on how to apply legislation to the SMSF fund you’re auditing. This storage facility will be an ever-expanding database of SMSF knowledge available to you twenty-four hours a day.
Low Membership fees
As accounting professionals, we’re all required to maintain various licences, registrations, and memberships. These costs certainly add up to significant investments in our businesses each year. SMSFAAA offers a low annual fee to ensure membership is worthwhile expenditure that supports your business earnings.
Our membership fees are not aimed at revenue-raising; rather to simply cover the costs involved in providing your business with the knowledge, support, advocacy, and development to benefit your business.
Ease of use
Accountants aren’t necessarily I.T. experts and most of us already deal with significant software, hardware and updates on a frequent basis. Getting support for SMSF knowledge should never add to the complexity of the superannuation arena.
That is why we’ve made our forums and cloud storage so simple and easy to use. If you have any confusion or difficulty whatsoever, there are tutorials and online support available to help you.
Representation with the Regulator
Any changes to superannuation legislation greatly affects the accountants charged with performing the audits of self-managed superannuation funds. As the 2018 Federal Budget showed with their announcement of a three-year audit requirement for certain funds, alterations to the SMSF audit field isn’t always expected. These legislative changes appear to be incongruent with Australian Auditing Standards and inconsistent with the reporting reliance on the recently implemented transfer balance caps.
This change also exposes the SMSF industry to manipulation as trustees are placed under enormous pressure to comply with legislation without scrutiny. It’s important ASIC Approved SMSF Auditors have a designated body that represents their interests to the regulator. As a significant stakeholder within superannuation, SMSF Auditors must ensure their voices are heard and that’s the importance of SMSFAAA.
CPD relating to SMSF Audits
It’s vital for ASIC Approved SMSF Auditors to maintain their Continuing Professional Development in accordance with licencing requirements of ASIC and their professional accounting body. There are specific hours to achieve each year in superannuation, audit, and financial accounting in order to maintain the prescribed ongoing professional development.
SMSFAAA will offer CPD courses to assist you in achieving the required professional development in SMSF Auditing. We’ll also provide listings of other organisations’ CPD courses as notified to us.
Highest Level of professionalism
Requirements stipulated by the Auditing and Assurance Standards Board and the Australian Securities & Investment Commission mean SMSF Auditors must maintain the highest level of professionalism. Our members represent our brand as verified ASIC Approved SMSF Auditors in addition to the brand of their professional accounting bodies.
SMSF trustees must have confidence in the professionalism of their SMSF Auditors. The support systems, training, knowledge, and resources available to SMSFAAA members assist in maintaining this required level of professionalism.
ASIC Approved SMSF Auditors can support each other with shared knowledge and valuable experience. As we work together to improve the knowledge and experience of each SMSF Auditor, we add significant value to the SMSF industry. In 2017, SMSFs make up 30% of all the $2.3 trillion total superannuation assets with 597,000 funds holding $697 billion in assets.
Growth in the number of SMSFs has averaged around 5% annually. Confidence in the SMSF sector is imperative to its continued growth and integrity. Strong advocacy and representation via membership of SMSFAAA ensures our SMSF Auditors remain a respected and integral player in this important sector of the economy.